Calculating the interest rate in the given case
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Patrick Seeley has $2,400 that he is looking to invest. His brother approached him with an investment opportunity that could double his money in four years. What interest rate would the investment have to yield in order for Patrick's brother to deliver on his promise?
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Solution Summary
Solution describes the steps to calculate the interest rate in the given case. Interest Rate is calculated by using the built in functions in MS Excel.
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Please refer attached file for better understanding of formulas.
Present Value of investment=PV=-2400 Negative means ...
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- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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